Smithfield Trust Co. increased its stake in shares of Globus Medical Inc (NYSE:GMED) by 3,711.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,430 shares of the medical device company’s stock after buying an additional 3,340 shares during the quarter. Smithfield Trust Co.’s holdings in Globus Medical were worth $171,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. lifted its position in shares of Globus Medical by 2.7% during the 1st quarter. BlackRock Inc. now owns 8,011,045 shares of the medical device company’s stock worth $399,110,000 after buying an additional 211,428 shares during the period. NWQ Investment Management Company LLC increased its holdings in Globus Medical by 43.1% during the 4th quarter. NWQ Investment Management Company LLC now owns 1,245,219 shares of the medical device company’s stock valued at $51,179,000 after purchasing an additional 375,234 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Globus Medical by 13,908.8% during the 1st quarter. Victory Capital Management Inc. now owns 1,113,982 shares of the medical device company’s stock valued at $55,499,000 after purchasing an additional 1,106,030 shares in the last quarter. AXA increased its holdings in Globus Medical by 23.6% during the 4th quarter. AXA now owns 930,009 shares of the medical device company’s stock valued at $38,223,000 after purchasing an additional 177,803 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Globus Medical by 3.4% during the 4th quarter. Wells Fargo & Company MN now owns 676,224 shares of the medical device company’s stock valued at $27,793,000 after purchasing an additional 22,011 shares in the last quarter. Institutional investors and hedge funds own 62.82% of the company’s stock.
Globus Medical opened at $53.83 on Friday, according to Marketbeat. The firm has a market capitalization of $5.15 billion, a PE ratio of 41.09, a PEG ratio of 2.83 and a beta of 0.42. Globus Medical Inc has a 52 week low of $27.79 and a 52 week high of $54.01.
Globus Medical (NYSE:GMED) last released its earnings results on Wednesday, May 2nd. The medical device company reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The company had revenue of $174.41 million during the quarter, compared to analysts’ expectations of $167.95 million. Globus Medical had a return on equity of 14.51% and a net margin of 18.05%. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period last year, the firm earned $0.32 EPS. sell-side analysts predict that Globus Medical Inc will post 1.52 earnings per share for the current fiscal year.
In related news, VP Eric Schwartz sold 24,000 shares of Globus Medical stock in a transaction on Wednesday, March 28th. The stock was sold at an average price of $50.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the vice president now directly owns 24,000 shares of the company’s stock, valued at $1,200,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman David C. Paul sold 725,000 shares of Globus Medical stock in a transaction on Thursday, April 26th. The stock was sold at an average price of $51.81, for a total value of $37,562,250.00. Following the sale, the chairman now directly owns 1,096,461 shares of the company’s stock, valued at $56,807,644.41. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,876,004 shares of company stock valued at $96,809,327. 28.44% of the stock is owned by insiders.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research cut Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, May 4th. Oppenheimer set a $52.00 price target on Globus Medical and gave the company a “hold” rating in a report on Thursday, May 3rd. Morgan Stanley raised their price target on Globus Medical from $53.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, May 3rd. Needham & Company LLC raised their price target on Globus Medical from $57.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, May 3rd. Finally, ValuEngine raised Globus Medical from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Globus Medical has an average rating of “Buy” and an average price target of $51.56.
Globus Medical Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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